APEC NEWS RELEASE: Issued by The APEC Business Advisory Council (ABAC) Ha Long, 29 July 2022 – Asia-Pacific business leaders in the APEC Business...
Make Trade Great Again?

The American people have chosen their new President and he has been installed with all the solemnities of his office. The President has now taken the steps he promised to withdraw the United States from TPP.
That is deeply disappointing. Regardless of what we as individuals or even as a nation might think of Donald Trump and of his policies, New Zealand now has to find a way to work constructively with the new Administration. The United States remains as important to us today as it was the day before the inauguration.
“America First” has an ominous ring to it but it’s not unusual for countries to seek to advance their own interests. What President Trump seems to repudiate however is the international system for peace and prosperity which the United States and its allies, including New Zealand, have championed for decades. He has spoken as disparagingly about the UN and the WTO as he has about NAFTA and TPP.
From a New Zealand perspective, we can kiss goodbye not just to American involvement in TPP but to President Obama’s pivot to Asia – where engagement seems likely to be replaced by challenge, especially to China. Economic integration in the Asia Pacific region which has advanced relentlessly in recent years with increasing trade, transport and investment also looks under threat.
There is much irony here – TPP’s lengthy negotiation was in part because the other 11 partners were seeking to counter the full extent of American ambition in regard to investment, intellectual property and the regulation of state owned enterprises. This was largely achieved: the final TPP was a carefully structured consensus which represented a balance of interests, preserved participants’ sovereignty and left a door open to others, including China, to join. Much of TPP was a re-negotiation of NAFTA and, given the slow demise of Doha, an attempt to bring trade rules into the 21st century.
An inward-looking, isolationist America is not in New Zealand’s interest. As the leading super-power American engagement is vital for solving global problems especially security and climate change. In the economic sphere America remains a powerhouse of innovation, entrepreneurship, business ideas and investment. President Trump may be open to bilateral deals but these may prove no easier to negotiate than TPP, especially if all the benefits are not equally shared.
New Zealand must continue to engage with the United States even as we look to advance other options for integration and interdependence – in China, elsewhere in Asia, and in Europe, as the Prime Minister has been doing in recent weeks. These are not alternatives to a strong and mutually beneficial relationship with the United States any more than RCEP, the ASEAN-led model for Asian integration is an alternative to TPP. We need both deep and broad new frameworks of rules to future-proof our economy.
This effort will be assisted though by greater focus in New Zealand on our key economic interests – such as the forthcoming release of the refresh of the Trade Policy Strategy might bring – as well as through continuing engagement of business and other stakeholders and greater bipartisanship in Parliament.
We are entering a new and uncertain period. Making trade great again for New Zealand will require leadership, commitment and wide public support.
This post was written by Stephen Jacobi, Executive Director of the NZ International Business Forum. An interview on this theme with Stephen on Radio New Zealand on 23 January 2017 can be heard here.
REGISTER WITH TRADE WORKS
Register to stay up to date with latest news, as well as saving and discussing articles you’re interested in.
Latest News
Asia-Pacific Business Leaders to APEC Leaders: Speed up economic recovery and regain growth momentum
APEC NEWS RELEASE: Issued by The APEC Business Advisory Council (ABAC) Ha Long, 29 July 2022 – Asia-Pacific business leaders in the APEC Business Advisory Council (ABAC), meeting this week in Ha Long, Viet Nam, expressed deep concern about the unprecedented crises...
TradeWindow: Digital trade provides hope through challenging times
It won’t come as a surprise to many people to hear that we remain in a very challenging situation when it comes to global business. Our exporters are operating in an environment that is difficult to navigate due to continuing uncertainties – the seemingly endless...
TRADE AND CLIMATE POLICIES NEED TO WORK TOGETHER – BUSINESS FORUM
A new report, commissioned by the NZ International Business Forum (NZIBF) and prepared by Adrian Macey, former Climate Change Ambassador and World Trade Organization (WTO) Lead Negotiator, shows that trade policy and actions to address climate change can be...
Trade and Climate Change: State of Play
TRADE AND CLIMATE CHANGE: STATE OF PLAY. A discussion paper prepared for the NZIBF by Adrian Macey, June 2022. Download here.
THE NZ/EU FTA IS LIKE THE CURATE’S EGG
In which we like the good parts of the NZ EU FTA…. Who remembers the curate’s egg? It’s when the nervous Curate, asked by the Bishop, if everything is ok with his boiled egg, replies “It’s good in parts, my Lord”. So too the recently concluded NZ/EU FTA, which has...
ADDRESS TO THE FONTERRA ALUMNI GOVERNANCE DEVELOPMENT WORKSHOP
ADDRESS TO THE FONTERRA ALUMNI GOVERNANCE DEVELOPMENT WORKSHOP AUCKLAND, 29 JUNE 2022 STEPHEN JACOBI EXECUTIVE DIRECTOR NZ INTERNATIONAL BUSINESS FORUM THE GLOBAL GOVERNANCE CHALLENGE Thanks to my friend Janine Smith for inviting me to speak to you today....
NZ EU FTA – A MIXED BAG, SAYS BUSINESS FORUM
Reacting to the overnight conclusion of negotiations for a free trade agreement between New Zealand and the European Union, the NZ International Business Forum (NZIBF), which brings together a cross section of major exporters, said the outcome was mixed in terms of...
NZ EU FTA COMING DOWN TO THE WIRE – HOLD THE LINE, SAYS BUSINESS FORUM
As negotiations accelerate to conclude an ambitious free trade agreement between New Zealand and the European Union, the NZ International Business Forum (NZIBF), representing a cross section of major exporters, urges the Government and its negotiators to hold out for...
WTO BACK IN BUSINESS – INTERNATIONAL BUSINESS FORUM
Media release, 19 June 2022 The NZ International Business Forum (NZIBF) welcomes the outcome of the World Trade Organization (WTO) 12th Ministerial Council meeting in Geneva and congratulates Trade Minister O’Connor and officials. “It’s great to see the WTO back in...
Address to the 50th One Stop Update for the Accountant in Business
ADDRESS TO THE 50TH ONE STOP UPDATE FOR THE ACCOUNTANT IN BUSINESS CHRISTCHURCH, WELLINGTON, AUCKLAND, MAY 2022 STEPHEN JACOBI EXECUTIVE DIRECTOR NZ INTERNATIONAL BUSINESS FORUM ONE STOP GLOBAL ECONOMIC UPDATE Thanks to Brightstar for once again inviting me to...
Remarks by Rachel Taulelei to APEC Ministers Responsible for Trade, 21 May 2022
ABAC NEW ZEALAND REMARKS TO ABAC-MINISTERS RESPONSIBLE FOR TRADE DIALOGUE 21 MAY 2022 RACHEL TAULELEI ABAC NZ Chair, Ministers The Free Trade Area of the Asia Pacific (FTAAP) remains the preeminent economic priority for the Asia-Pacific business community. It...
Deepening ECONOMIC INTEGRATION and EQUIPPING BUSINESS FOR DYNAMIC, INCLUSIVE and SUSTAINABLE GROWTH ARE KEY to ECONOMIC RECOVERY, say business leaders
Vancouver, 28 April 2022 –Asia-Pacific business leaders in the APEC Business Advisory Council (ABAC), meeting this week in Vancouver, affirmed their determination to continue to work closely together to respond to the challenge of sustaining the region’s growth...
FROM APEC AND CPTPP TO IPEF – SMALL STEP OR GIANT LEAP?
The US idea of an Indo Pacific Framework (IPEF) continues to gain traction but is not without complication. Aotearoa-New Zealand is a great joiner - from the very beginning of the United Nations to the important economic institutions like the WTO, APEC, CPTPP and...
Remarks to Foreign Affairs, Defence and Trade Committee
NZ INTERNATIONAL BUSINESS FORUM REMARKS TO THE FOREIGN AFFAIRS, DEFENCE AND TRADE COMMITTEE INTERNATIONAL TREATY EXAMINATION OF THE NZ/UK FREE TRADE AGREEMENT 17 MARCH 2022 STEPHEN JACOBI EXECUTIVE DIRECTOR Madam Chair, Members of the Committee Thank you for the...
Submission to the Parliamentary Foreign Affairs, Defence and Trade Committee
INTERNATIONAL TREATY EXAMINATION OF THENEW ZEALAND UNITED KINGDOM FREE TRADE AGREEMENT MARCH 2022 Introduction and Summary 1. This submission is made on behalf of the New Zealand International Business Forum (NZIBF) whose members are listed at Annex A 1 . NZIBF is a...